CAMBRIDGE, Mass.--(BUSINESS WIRE)--ReadCoor, Inc., a company reinventing omics and pathology with its 3-dimensional (3D) multi-omic spatial sequencing platform, today announced a $27 million Series B financing to accelerate the commercialization of its proprietary FISSEQ technology for use in research, drug discovery, and diagnostics. The Series B financing includes new investor Pavilion Capital and other investors, as well as existing investors Decheng Capital and Hansjörg Wyss.
“ReadCoor has made rapid progress in bringing multi-omic spatial sequencing from development to the market,” said Victor E. Tong, Jr., Partner at Decheng Capital and Chairman of the ReadCoor board of directors. “The platform that ReadCoor has developed features a leading-edge technology to sequence and characterize tissue in 3D that offers the potential for new insights in clinical research and drug discovery.”
Proceeds from the Series B financing will be used to accelerate commercialization of ReadCoor's platform, powered by its proprietary FISSEQ (fluorescent in situ sequencing) technology, which simultaneously reads the sequences of thousands of molecules and visualizes high resolution 3D spatial information within whole cells and tissues. With first-of-a-kind capabilities to sequence and characterize data in three dimensions, ReadCoor’s platform gives researchers access to previously undiscovered data to guide evaluation and validation of new drug targets, pathogen identification, disease diagnosis, and the advancement of regenerative medicine. The platform is comprised of an instrument, kits, and data analysis and visualization cloudware, so that it can be incorporated into the workflow of researchers in research and drug discovery.
ReadCoor's platform and product portfolio have been validated across a range of applications over the past year, including non-small cell lung cancer, breast cancer, and a brain atlas. The company's initial product suite includes research and discovery applications in oncology, infectious disease, and neuroscience. The Select Release Program and platform will be unveiled at the 20th Advances in Genome Biology and Technology (AGBT) in February 2020.
“The development true spatial sequencing is currently burdened by technical challenges, including the need for specialized imaging hardware, laborious protocols, and unsupported analysis software. To overcome these challenges and integrate these methods, we created an all-in-one solution with unparalleled capacity for true multi-omic spatial sequencing with high-resolution 3D imaging, robust data collection and analysis,” said Richard Terry, Founder, President, and Chief Executive Officer of ReadCoor. “It is gratifying that our investors support our technology and approach as we move rapidly towards commercialization, and we are excited to expand the availability of our platform to customers.”
Leading up to this Series B financing, ReadCoor's progress has been marked by collaborative agreements and research grants with leading research institutions, including the Chan Zuckerberg Initiative, Bill & Melinda Gates Foundation, Oregon Health State University, and Harvard University.
About Fluorescent in situ Sequencing (FISSEQ)
ReadCoor’s platform is powered by proprietary Fluorescent in situ Sequencing (FISSEQ) technology, which offers researchers the ability to sequence across multiple omic formats (genomics, transcriptomics, proteomics, and metabolomics) without disruption to cell structure or loss of spatial data. This platform delivers the precise locations of molecular targets and a corresponding 3D image plotting the coordinates within the sequenced sample. Currently, available sequencing technologies can only provide sequencing information, not true spatial information. FISSEQ provides both, representing the first true merging of imaging and sequencing. This 3D molecular atlas can enable meaningful scientific insights into therapeutic areas, including cancer, immuno-oncology, gene therapy, and neurodegenerative diseases, enabling researchers to gain more robust diagnostic insights to deliver precise therapeutics to patients. FISSEQ was developed in the Church Lab at Harvard University and the Wyss Institute for Biologically Inspired Engineering, and first published in Science in 2014 (Highly multiplexed three-dimensional subcellular transcriptome sequencing in situ). The platform has broad applications in the areas of drug development, diagnostics, and machine learning.
About ReadCoor, Inc.
ReadCoor is leading the next generation of omics by delivering the first true multi-omic spatial sequencing platform to the global audience of researchers, clinicians, pharma and diagnostics companies, and ultimately patients. The company is accomplishing this with Fluorescent in situ Sequencing (FISSEQ), a fundamental new technology that simultaneously integrates high-throughput sequencing and three-dimensional morphometric analysis. This uniquely powerful platform is expected to revolutionize the next phase in understanding the multi-omic landscape and introduce vast new opportunities for important and meaningful clinical insight.